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Creating Accounting Statements Using Accounting Fundamentals

In this one and a half hour long project-based course about Creating Accounting Statements Using Accounting Fundamentals, You will be capable of recording your own transaction and even create accounting statements to your private business to observe profit and losses. By the end of this project, you will be able to understand basic accounting principals which will assist you with preparing, recording and analysing accounting statements for your own private business. You will learn how to Record transactions on journal entries, create a Trial balance, create an Income statement (A profit or loss statement) as well as create a Balance sheet (Statement of financial position)

Note: This course works best for learners who are based in the North America region. We’re currently working on providing the same experience in other regions.

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What's inside

Syllabus

Project Overview

By the end of this project, you will create accounting statements using basic accounting principals in Google Sheets. Additionally, you will be able to identify the accounting terms which includes revenues, expenses, assets, liabilities, as well as create a trial balance, income statement and a balance sheet. You will become familiar with accounting debits and credits, as this project will show you how to record transactions on journal entries.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Covers accounting fundamentals, which are essential for business owners to understand

Taught by Mohamed Abul Kassem, an experienced instructor in accounting

Provides hands-on experience through project-based learning, allowing learners to apply concepts directly

Suitable for learners who want to gain a basic understanding of accounting for personal business

Emphasizes practical skills, such as recording transactions and creating accounting statements

Designed for learners with no prior accounting knowledge

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Reviews summary

Basic accounting fundamentals course

Learners say this course is a good way for beginners to understand core accounting concepts and create basic financial statements. The course material in this 1-hour course is described as very basic and not appropriate for intermediate learners. Some students find the price to be too high for the content and duration of the course. However, other students find the course very helpful and say it is well structured.

Covers basic accounting concepts.

"very helpfull in understanding"

Good for new learners.

"Good and very informative for the beginners for core understanding."

"Very Basic. Good for those who have no knowledge about it."

Price is considered too high for content and duration.

"I think the price is too high for the level of material and the fact that the course is only 1 hour long."

Content is not suitable for intermediate learners.

"I would not recommend this course. It was described as being for intermediate learners, but it is actually a beginner's course."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Creating Accounting Statements Using Accounting Fundamentals with these activities:

Data Entry Exercises

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Accounting often involves a lot of data entry, practice using data entry software to prepare for this task in a business setting.

Browse courses on Financial Reporting

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Find online data entry exercises
Practice entering data into software until proficient.

Read financial publications

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Following financial publications will help familiarize yourself with accounting jargon used in the financial world and give examples of how companies use accounting information.

Browse courses on Financial Reporting

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Identify relevant financial publications for your industry
Read through articles and make notes of unfamiliar terms and concepts
Seek out additional information and definitions about the concepts you are unfamiliar with.

Review Accounting Fundamentals

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Review the fundamentals of accounting concepts, including assets, liabilities, equity, revenue, and expenses.

View Bookkeeping All-in-One For Dummies (For Dummies... on Amazon

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Read chapters 1-3
Take notes on key concepts
Complete practice problems

Eight other activities

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Develop a Business Model Canvas

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Developing a business model canvas will help you understand the key elements of a business and how they fit together.

Browse courses on Business Planning

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Identify the key elements of your business
Create a visual representation of your business model
Analyze your business model and identify areas for improvement

Create Journal Entries

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Practice recording transactions in journal entries, ensuring that debits equal credits and the accounting equation is balanced.

Browse courses on Journal Entries

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Choose a business scenario
Identify and analyze the transactions
Record the transactions in journal entries
Prepare a trial balance

Design a Trial Balance

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Create a trial balance from a list of journal entries, verify that the debits equal the credits, and analyze the results to identify any errors.

Browse courses on Trial Balance

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Gather journal entries
Calculate account balances
Create a trial balance
Analyze the results

Develop an Income Statement

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Prepare an income statement from trial balance data, calculating revenue, expenses, and net income, and analyze the results for financial performance.

Browse courses on Income Statement

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Gather trial balance data
Categorize revenues and expenses
Calculate net income
Analyze the results

Create a Trial Balance Report

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Creating trial balance reports will be an important skill to accurately record financial transactions.

Browse courses on Trial Balance

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Gather the necessary financial data
Create a spreadsheet or use accounting software to input the data
Calculate the balances for each account
Check that the total debits equal the total credits

Construct a Balance Sheet

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Create a balance sheet from trial balance data, categorizing assets, liabilities, and equity, and analyze the results for financial health.

Browse courses on Balance Sheet

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Gather trial balance data
Categorize assets, liabilities, and equity
Calculate total assets, liabilities, and equity
Analyze the results

Analyze Accounting Statements

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Collaborate with peers to analyze accounting statements, calculate ratios, and draw inferences about a company's financial performance and position.

Browse courses on Financial Statement Analysis

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Select a set of accounting statements
Identify relevant ratios
Calculate and analyze ratios
Draw conclusions

Create an Accounting System

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Design and implement an accounting system for a small business, incorporating the principles learned in the course to track financial transactions and provide financial reporting.

Browse courses on Financial Management

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Define business requirements
Design chart of accounts
Implement accounting system
Test and evaluate system

Career center

Learners who complete Creating Accounting Statements Using Accounting Fundamentals will develop knowledge and skills that may be useful to these careers:

Accountant

An Accountant is responsible for preparing and analyzing financial statements for businesses, including income statements, balance sheets, and cash flow statements. This course provides a strong foundation in accounting principles and practices, which are essential for success in this role. Accountants may also be involved in auditing financial records to ensure accuracy and compliance with regulations, preparing tax returns, and providing financial advice.

See salaries and explore the career path for Accountant

Financial Analyst

A Financial Analyst is responsible for evaluating and recommending investments for individuals and institutions. This course provides a solid understanding of accounting principles and financial statement analysis, which are critical skills for success in this role. Financial Analysts may also be involved in developing financial models, conducting research on companies and industries, and providing investment advice.

See salaries and explore the career path for Financial Analyst

Auditor

An Auditor is responsible for examining and evaluating financial records to ensure accuracy and compliance with regulations. This course provides a strong foundation in accounting principles and auditing procedures, which are essential for success in this role. Auditors may also be involved in providing consulting services, such as risk management and internal control.

See salaries and explore the career path for Auditor

Tax Accountant

A Tax Accountant is responsible for preparing and filing tax returns for individuals and businesses. This course provides a comprehensive understanding of tax laws and regulations, which is essential for success in this role. Tax Accountants may also be involved in tax planning, tax audits, and providing tax advice.

See salaries and explore the career path for Tax Accountant

Bookkeeper

A Bookkeeper is responsible for maintaining financial records for businesses. This course provides a solid understanding of accounting principles and bookkeeping practices, which are essential for success in this role. Bookkeepers may also be involved in preparing financial reports, reconciling bank statements, and processing payroll.

See salaries and explore the career path for Bookkeeper

Budget Analyst

A Budget Analyst is responsible for developing and managing budgets for organizations. This course provides a strong foundation in accounting principles and budgeting techniques, which are essential for success in this role. Budget Analysts may also be involved in forecasting financial needs, analyzing financial data, and providing financial advice.

See salaries and explore the career path for Budget Analyst

Cost Accountant

A Cost Accountant is responsible for analyzing and controlling costs for organizations. This course provides a solid understanding of accounting principles and cost accounting techniques, which are essential for success in this role. Cost Accountants may also be involved in developing and implementing cost-saving measures, and providing financial advice.

See salaries and explore the career path for Cost Accountant

Forensic Accountant

A Forensic Accountant is responsible for investigating financial crimes and fraud. This course provides a strong foundation in accounting principles and auditing procedures, which are essential for success in this role. Forensic Accountants may also be involved in providing expert testimony in court, and consulting on fraud prevention and detection.

See salaries and explore the career path for Forensic Accountant

Government Accountant

A Government Accountant is responsible for managing the financial affairs of government agencies. This course provides a solid understanding of accounting principles and government accounting regulations, which are essential for success in this role. Government Accountants may also be involved in preparing financial reports, auditing financial records, and providing financial advice.

See salaries and explore the career path for Government Accountant

Nonprofit Accountant

A Nonprofit Accountant is responsible for managing the financial affairs of nonprofit organizations. This course provides a solid understanding of accounting principles and nonprofit accounting regulations, which are essential for success in this role. Nonprofit Accountants may also be involved in preparing financial reports, auditing financial records, and providing financial advice.

See salaries and explore the career path for Nonprofit Accountant

Teacher

Teachers are responsible for educating students in a variety of subjects, including accounting. This course provides a strong foundation in accounting principles and teaching methods, which are essential for success in this role. Teachers may also be involved in developing lesson plans, grading assignments, and providing guidance to students.

See salaries and explore the career path for Teacher

Financial Planner

A Financial Planner is responsible for helping individuals and families plan and manage their finances. This course provides a solid understanding of accounting principles and financial planning techniques, which are essential for success in this role. Financial Planners may also be involved in providing investment advice, retirement planning, and estate planning.

See salaries and explore the career path for Financial Planner

Investment Banker

An Investment Banker is responsible for advising companies on mergers and acquisitions, and helping them raise capital. This course provides a strong foundation in accounting principles and financial analysis, which are essential for success in this role. Investment Bankers may also be involved in developing financial models, conducting due diligence, and providing financial advice.

See salaries and explore the career path for Investment Banker

Credit Analyst

A Credit Analyst is responsible for assessing the creditworthiness of individuals and businesses. This course provides a solid understanding of accounting principles and credit analysis techniques, which are essential for success in this role. Credit Analysts may also be involved in developing credit policies, approving loans, and managing risk.

See salaries and explore the career path for Credit Analyst

Risk Manager

A Risk Manager is responsible for identifying and managing risks for organizations. This course provides a solid understanding of accounting principles and risk management techniques, which are essential for success in this role. Risk Managers may also be involved in developing risk management policies, conducting risk assessments, and providing risk advice.

See salaries and explore the career path for Risk Manager

Reading list

We've selected 14 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Creating Accounting Statements Using Accounting Fundamentals.

Accounting Principles

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Classic textbook that has been used by accounting students for decades. It provides a comprehensive overview of accounting principles and practices, and it is well-written and easy to understand. The book covers all the essential topics, such as recording transactions, preparing financial statements, and analyzing financial data.

Creating Accounting Statements Using Accounting Fundamentals

What's inside

Syllabus

Good to know

Save this course

Reviews summary

Basic accounting fundamentals course

Activities

Career center

Reading list

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